Why the Stock Price of This Cancer Screening Company Soared 17% Thursday
Key Takeaways
- Abbott Laboratories has agreed to acquire Exact Sciences Corp. in a deal worth $21 billion, paying shareholders $105 per share.
- Exact Sciences makes a variety of cancer screening tests, including Cologuard, and expects to generate about $3 billion in revenue this year.
- Many pharmaceutical companies are spending billions to develop screenings and treatments for a variety of cancers, as millions of people are diagnosed with cancer every year.
Shares of cancer screening test maker Exact Sciences Corp. (EXAS) surged Thursday after Abbott Laboratories (ABT) announced a deal to acquire the company for about $21 billion.
Abbott said Thursday it will pay out $105 per share to Exact Sciences’ shareholders, and that it expects…
